(a) Exempted exposure categories. The following categories of credit
transactions are exempt from the limits on credit exposure under this
subpart:
(1) Any direct claim on,
and the portion of a claim that is directly and fully guaranteed as
to principal and interest by, the Federal National Mortgage Association
and the Federal Home Loan Mortgage Corporation, only while operating
under the conservatorship or receivership of the Federal Housing Finance
Agency, and any additional obligation issued by a U.S. government-sponsored
entity as determined by the Board;
(2) Intraday credit exposure to a counterparty;
(3) Any trade exposure
to a qualifying central counterparty related to the covered foreign
entity’s clearing activity, including potential future exposure arising
from transactions cleared by the qualifying central
counterparty and pre-funded default fund contributions;
(4) Any credit transaction
with the Bank for International Settlements, the International Monetary
Fund, the International Bank for Reconstruction and Development, the
International Finance Corporation, the International Development Association,
the Multilateral Investment Guarantee Agency, or the International
Centre for Settlement of Investment Disputes;
(5) Any credit transaction with the European
Commission or the European Central Bank; and
(6) Any transaction that the Board exempts
if the Board finds that such exemption is in the public interest and
is consistent with the purpose of this subpart.
(b) Additional exemptions by
the Board. The Board may, by regulation or order, exempt transactions,
in whole or in part, from the definition of the term “credit exposure,”
if the Board finds that the exemption is in the public interest and
is consistent with the purpose of 12 U.S.C. 5365(e).
